ESMA Updates Transitional Transparency Calculations Under MiFID II
ESMA published an updated version of the transitional transparency calculations (TTC) under the Markets in Financial Instruments Directive and Regulation (MiFID II and MiFIR). The update relates to the transitional transparency calculations for equity derivatives, equity and equity-like instruments, and tick size band assessment. ESMA also updated the frequently asked questions (FAQ) on TTC under MiFID II. Trading venues are expected to apply the new results from August 13, 2018.
MiFID II/MiFIR introduces transparency requirements for equities, bonds, structured finance products, emission allowances, and derivatives, thus empowering the competent authorities to waive the obligation for market operators and investment firms operating a trading venue, to make public pretrade information for non-equity instruments. Furthermore, transactions in non-equity instruments may also benefit from deferred publication. In addition, for equity instruments, the regulation introduces a tick size regime. European Economic Area competent authorities, with the exception of Poland, have delegated to ESMA the computation of transparency calculations, including the transitional transparency calculations (TTC). To execute them, ESMA has compiled the information from trading venues of the member states.
Related Links
- Press Release
- Updated Transparency Calculations
- Calculations for Equity Derivatives (XLSX)
- Calculations for Equity Instruments (XLSX)
- Tick Size Band Assessments (XLSX)
- FAQ (PDF)
Keywords: Europe, EU, Securities, TTC, Transparency Calculations, MiFID/MiFIR, FAQ, ESMA
Previous Article
IMF Reports on 2018 Article IV Consultation and FSSA with BelgiumRelated Articles
PRA to Elaborate on Approach to Transposition of CRD5 by Mid-December
PRA published a statement that explains when to expect further information on the PRA approach to transposing the Capital Requirements Directive (CRD5), including its approach to revisions to the definition of capital for Pillar 2A.
EIOPA Consults on KPIs on Sustainability for Non-Financial Reporting
EIOPA is consulting on the relevant ratios to be mandatorily disclosed by insurers and reinsurers falling within the scope of the Non-Financial Reporting Directive as well as on the methodologies to build these ratios.
SRB Sets Out Work Program for 2021-2023
SRB published the work program for 2021-2023, setting out a roadmap to further operationalize the Single Resolution Fund and to achieve robust resolvability of banks under its remit over the next three years.
ECB Publishes Guide on Management of Climate and Environmental Risks
ECB finalized guidance on the way it expects banks to prudently manage and transparently disclose climate and other environmental risks under the current prudential rules.
BCBS Amends Capital Treatment of Non-Performing Loan Securitizations
BCBS published a technical amendment to the capital treatment of securitizations of non-performing loans by banks.
BoE to Move Statistical Data Collection to BEEDs Portal
BoE announced that the Data and Statistics Division is planning to move collection of statistical data to the BoE Electronic Data Submission (BEEDS) portal.
APRA Updates Reporting Standards and Guidance for EFS Data Collection
APRA published the updated reporting standards and guidance for the collection of Economic and Financial Statistics (EFS), following a consultation process. Also published was a response letter to the feedback received on the proposal for amending the EFS reporting standards and guidance.
EC Consults on Criteria for Environmentally Sustainable Activities
EC is consulting on a draft delegated regulation to supplement the Taxonomy Regulation (2020/852) by establishing the technical screening criteria for determining the conditions under which an economic activity qualifies as environmentally sustainable.
IFRS Examines Incorporation of Climate Risk Issues into IFRS Standards
The IFRS Foundation published material highlighting the ways in which existing requirements in IFRS standards require companies to consider climate-related matters when their effect is material to the financial statements.
FSB Report Outlines Progress on Interest Rate Benchmark Reform
FSB published a progress report on the implementation of reforms to major interest rate benchmarks, including the London Inter-bank Offered Rate (LIBOR) benchmark.
